ADS Securities starts CNH trading
Abu Dhabi, November 6, 2013
ADS Securities, a leading forex brokerage in the Middle East, said it has started trading the USDCHN currency pair (US Dollar/ Chinese Renminbi).
Offering access to the Renminbi (RMB) has been driven by a growing interest in the Chinese currency, said a statement from the Abu Dhabi brokerage.
International trading of the RMB has increased significantly over the last few years. The Bank of International Settlement Triennial Central Bank Survey (September 2013) showed that the RMB is now the 9th most traded currency, and accounts for 2.2 per cent of global trading - up from 17th place with 0.9 per cent of volumes three years ago, it stated.
Philippe Ghanem, the managing director and vice-chairman of ADS Securities, said: "The CNH is the offshore RMB and we are very pleased that our customers can now trade this with a GCC-based brokerage. We always want to offer new trading and investment opportunities for our clients and have responded to the strong demand from investors to have access to the Chinese currency."
The USDCNH pair can be accessed on ADS Securities' professional trading platform, he added.
Abu Dhabi-based ADS Securities is a forex, bullion and commodities trading firm, which brings significant new opportunities to participants in the global and regional Forex, commodities, futures and options markets.-TradeArabia News Service